The end of the year is fast approaching and if you can believe it, we are almost into Quarter 4 of 2026! While we are working behind the scenes to prepare for the end of the year for our clients, we have put together a few tips and tricks for the upcoming months.
October-
First and foremost, if you filed an extension for your 2025 tax return, the clock is ticking. Your 2025 tax returns need to be filed and post marked no later than 10/15/2026. Contact us as soon as you are ready to go and we can finish up your return for the year.
Thinking about your growing children, or grandchildren attending college in the upcoming years? 529 college savings plans are worth a look. If you are not familiar with these accounts, here’s how they work. Put money in to the plan. If you live in the state such as Wisconsin, you receive a state income tax reduction. The money can then be invested and will grow tax-deferred. As long as those funds are used to pay for qualifying education expenses, the money comes out tax free. Don’t need the money? Funds can be transferred to a different beneficiary (e.g. the kid you like better) or can be converted into a Roth IRA for child beneficiary. Interested? We can help you set one up today!
November-
This month typically comes with open enrollment for most employers that offer health insurance. While this is a great time to review your options, it also presents a great opportunity to review other insurance coverage as well. This includes property or homeowners policies, casualty, life, disability, auto and even pet insurance. It’s a great time of the year to review insurance expenses and find the best fit for you. If you need to budget for things such as insurance for the year ahead, we’re here for you!
Mutual funds distribute dividends and capital gains just before year-end, making November a good time to review potential tax implications. We’ll be reaching out to set up year-end reviews to discuss these distributions and other items to keep in mind before we start 2027.
December-
The talk of gifts and giving is now in the air as we enter December. If financial giving is on your to-do list, this is the season to talk! For those feeling generous, the annual gift tax exclusion allows you to give up to $19,000 per person, per year, without triggering any taxes.
This is also a great time to consider charitable contributions before the calendar turns. Charitable giving is a great way to lower your tax bill, particularly after the federal government reinstated the rule allowing standard deduction filers to write off up to $1,000 of cash donations starting in 2026. If you anticipate owing this year, follow up with your advisor to discuss options for reducing your tax bill.
Finally, the last day of the year is a critical one for tax and financial planning. For example, required minimum distributions from a tax-deferred IRA must be completed before 12/31. Same goes with any contributions to employer-sponsored retirement plans, such as a 401(k). The contribution limit for 401(k)s is $24,500 for those under age 50, and increases to $32,500 for anyone 50 and older who wants to take advantage of catch-up contributions. Those catch-ups can take you all the way to $35,750 in total contributions if you are age 60-63 and qualify for the special “super” catch up rule that expires in 2028.
Whatever fits your needs, we can help keep an eye on the calendar to ensure you are covered before these deadlines pass. Please feel free to reach out with any questions or items you’d like to discuss in more detail, and we would be happy to set up a meeting to talk through the best steps to take before we wrap up another year.
Learn more about Monica.
I am a creative CERTIFIED FINANCIAL PLANNER® professional providing financial planning & tax strategies for clients by accurately assessing each client’s present and future needs, objectives, and lifelong goals. My empathetic and engaging personality helps guide clients through retirement as they discuss all of life’s complexities; focusing on specific tax strategies and evidence-based investment philosophy to meet every client’s unique goals and circumstances.
During my salad days, I studied business at the University of Minnesota and the Carlson School of Management. Taking this route seemed to make sense when I graduated high school, as it offered the opportunity to pursue a career in business. However, the experience didn’t go as planned. I found myself disillusioned by the focus and teachings of business school, with many of the lessons revolving around detached relationships focused solely on profit. I eventually concluded that this was not my personal path. I chose instead to purse a passion – writing – and veered off into journalism for the next six years of my life.